When will the penny be retired?

Here's a novel idea...round all transactions up to the nickel, (say 6.32 becomes 6.35) give the vendor 20% for handling and send the $$$Millions$$$ to childrens cancer research. It might even create a few new jobs.

 

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Until the copper industry ceases lobbying, you'll never see the end of copper based coinage. So, I'm guessing never, unless we run out of copper somehow.

 

I thought it was 8 cents, I googled the cost and it said 11, but I didn't go deeper than skim.

 

Actually I have pointed out to chemistry classes for many years that we ARE on the metric system. The official definition of an inch is 2.54 cm EXACTLY, no more three grains of wheat laid end to end.

 

Actually there is a store in my area called the 99 Cent Only store which recently quietly changed their name (and business dealings) to the 99.99 Cent Only store, and some people went ballistic.

 

How about just after midnight on Jan 1, 2018?

Zinc is soaring and the mint is spending more than three cents each to mint this shiny landfill.

http://www.kitcometals.com/charts/zinc_historical_large.html

Of course, the penny serves can serve as a warning to future generations about the dangers of shark jumping. Perhaps they'll still be making them when a wheelbarrow full of $100 bills won't even buy a pack of Ramen noodles.

 

NO!!!

Every time a penny is used it costs more than one cent to handle and count it. Every time a penny is used the buyer, seller, and taxpayers are a little poorer. God willing they'd all just sit in garages until they're recalled or plans made for their safe disposal.

 

Actually it would make more sense (cents?) to eliminate the cent and nickel. Much easier rounding.

 

If you had bought zinc a year ago, you would have beaten the S&P500...by double! 1.417 today.

 

With all due respect, Conder, we have used the metric system since the 1860s, but we are still one of only 3 countries NOT officially on the metric system.

according to wikipedia:

Although all U.S. customary units have been redefined in terms of SI units, as of 2017 the United States is one of only three countries, including Myanmar (Burma) and Liberia, that have not officially adopted the metric system as the primary means of weights and measures.

 

Our government probably spends more money annually - debating, making studies, drafting legislation and etc concerning eliminating the cent than would be saved by actually eliminating it.

 

I, too, stand corrected...
https://www.nist.gov/sites/default/files/documents/pml/wmd/metric/1136a.pdf

 

http://m.huffpost.com/us/entry/1837385
Funny how people get so worked up about those sort of things but don't bat an eye at the extra 9 mills on every gallon of gas they buy that get rounded up to the nearest cent.

 

but they don't get rounded up.

The total is rounded, not each gallon.

 

We don't need the half dollar coin. For 15 years they have a low production run,
most years around 5 million or less. Some years 3.5-4.5M. For some reason they made almost 10M in 2013. These coins are not released into circulation and just sold to "collectors" by the bag at a premium. Who fish out 1 or 2 high grades and dump the rest into circulation at face value. Almost no one spends these, or gives these in change. They have outlived their practicality and there is no reason to continue minting them.

 

one word, Michael... seignorage

That's why we make Half Dollar coins, and will continue to do so.

 

That's what I meant. Sorry I didn't make myself completely clear. The point however, is that rounding takes place and people don't seem to have an issue with it. If the penny, or even for that matter the nickel and dime while we're at it (remember the half cent at the time it was discontinued was worth over 10 cents in todays money) left circulation and we rounded up to the next denomination people would throw a hissy fit at first and then procede to get over it. If we went ahead and got rid of all three at once it would rip off the bandage metaphorically speaking AND the half would have a chance to become useful again.

 

people are resistant to change... I think that sums stuff up best. It's not what the change involves, but rather that the world is different.

 

The amount of money they are making on the seigniorage of 4 million half dollar coins, after you take into account raw materials, salaries, utilities, machine maintenance, etc. They aren't making anything.